State Bank of India (SBI), has announced the launch of a pre-approved 2-wheeler loan scheme ‘SBI Easy Ride’ through YONO. Eligible SBI customers can avail the end-to-end digital two-wheeler loans through the YONO app without visiting the bank branch. Customers can apply for the Easy Ride loan for amount up to Rs. 3 lakhs at a competitive interest rate of 10.5% per annum onwards for a maximum tenure of 4 years. The minimum loan amount has been fixed at Rs. 20000/-
The loan availed will be disbursed directly into the dealer’s account. Loans of up to 85% of the on-road price of the vehicle can be availed under this scheme.
“We believe this digital loan offering would help customers in buying their chosen two-wheeler. At SBI, it is our consistent effort to offer unique, customized products and services that provide a convenient and hassle-free banking experience to our customers.” While launching the product, Chairman Shri Dinesh Khara stated that “The product will also position the Bank at the initial stage of a customer’s life cycle by offering a two-wheeler loan and thereafter upgrade the relationship along with their growth. We hope the ‘SBI Easy Ride’ loan scheme will offer a seamless, and memorable two-wheeler owning experience to our customers.”
In this digital transformation journey amid the new normal, YONO SBI endeavors to offer a gamut of banking and lifestyle services at the customer’s doorsteps. Since its launch in Nov 2017, YONO has gained wide acceptance among customers with 89 million downloads and more than 42 million registered users. SBI has partnered with over 110 e-Commerce players in more than 20 plus categories on the YONO platform. Other initiatives on this platform include YONO Krishi, YONO Cash, and PAPL, and more features lined up for the future.